Daily Crypto News Digest

Tokonomo Daily Crypto News Digest – March 17th

The value of Bitcoin has surged to a level above $27,500, reaching its highest point in 9 months

On Friday, cryptocurrency markets experienced their fourth consecutive daily rally this week, with Bitcoin leading the way and briefly surpassing $27,500 for the first time since June 2022.

As the weekend approaches, Bitcoin’s value has increased by almost 10% since yesterday and has seen a rise of over 35% in the past seven days, according to CoinGecko’s data.
In the meantime, Ether has also seen a surge of 27% over the past week and is currently trading above $1,800, a level not seen since September 2022.

BTCUSD chart. Source: TradingView

The dominance of Bitcoin experienced a surge this week when a crisis that caused three US banks to collapse spread to Europe, resulting in a significant drop in the shares of Credit Suisse.

At the time of its bankruptcy, FTX firms had a deficit of $6.8 billion in their balance sheet

According to a presentation submitted to the bankruptcy court on Friday, FTX had a shortfall of $6.8 billion in its balance sheet when it filed for bankruptcy in November of last year.

This included a deficit of $10.6 billion in the main FTX.com enterprise, as well as a shortfall of $87 million in FTX.US.
On the other hand, Alameda Research, FTX’s sister trading firm, had net assets worth $2.6 billion, while FTX Ventures had net assets worth $1.3 billion.

Overall, the group of companies had debts totaling around $11.6 billion, with most of it in customer claims, against $4.8 billion in assets.

Coinbase is considering establishing a trading platform outside of the USA

According to Bloomberg’s sources, Coinbase, a cryptocurrency exchange based in the United States, is in talks with institutional clients about establishing a crypto-trading platform outside of the US.

However, the exchange has not yet decided on a location for the platform, and the move comes at a time when US regulators are increasing their scrutiny of the crypto industry. Following the collapse of FTX in November of last year, regulatory action against the sector has intensified, and the recent shutdown of several banks tied to crypto has further alarmed lawmakers.

Coinbase is not alone in this regard, as several other US-based crypto firms are seeking new banking partners in other jurisdictions.
For instance, Sygnum in Switzerland and Bank Frick in Liechtenstein have reported an increasing number of requests from offshore companies, including those based in the US, to open accounts.

The former parent company of Silicon Valley Bank has filed for bankruptcy

SVB Financial Group (SIVB), the former parent company of Silicon Valley Bank, has filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the Southern District of New York, as reported on Friday.

The bankruptcy of Silicon Valley Bank occurred between the collapses of two other banks, Silvergate Bank and Signature Bank, both of which had a stronger focus on crypto. Despite not being as crypto-focused as the other two, Silicon Valley Bank did have high-profile crypto customers, such as Circle Internet Financial and Ripple.

According to SVB Financial, it has approximately $2.2 billion in liquidity, around $3.3 billion in bond debt, and $3.7 billion of outstanding preferred equity. The company has specified that its venture capital and broker-dealer arms, SVB Capital and SVB Securities, respectively, are not included in the bankruptcy filing.


In conclusion, today’s crypto news digest highlights the continued surge in the crypto markets and positive sentiment in the crypto community.

Always make sure to DYOR and stay up to date with everything that’s happening in the crypto space with our daily digest of crypto news!

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